61 Saint Clairs Vlg

Morgantown, WV 26505

$55,700B

3 bd · 2.0 ba · 960 sqft · Built — · Manufactured · Active · 184 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,054/mo
• Mortgage (P&I): −$292
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$221
• Net cashflow: $448/mo
• Annual: $5,376/yr
• Cap rate: 15.95%
• Cash-on-cash: 34.47%
• DSCR: 2.53
• 1% rule: 1.89%
• Cash to close: $15,596

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $56k. Condition is rated good.
• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $56k).
• It's been on market 184 days — a 12% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $385 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#5 in WV, #674 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D-.
• Monongalia County Schools (urban): math 45% / reading 53% proficiency, ranked #1 of 55 in WV (top 2%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Elementary School (math 57% / reading 62%, grade B-, #15 of 377 statewide, top 5%, 584 students, 0% FRL); Suncrest Middle School (math 46% / reading 57%, grade C, #4 of 109 statewide, top 3%, 501 students, 0% FRL); Morgantown High School (math 49% / reading 73%, grade C+, #2 of 110 statewide, top 1%, 1,859 students, 0% FRL) — zoned schools average 0% FRL vs 32% district-wide (32 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 185 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 23 units permitted in Monongalia County in 2024 (15 in 5+ unit buildings).
• Monongalia County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $16k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.9% vs local median 3.7% in Morgantown — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 184 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.